What you need to know this week
- The Budget introduced a cap on Universal Credit deductions, reducing them from 25% to 15% for around 1.2 million households.
- IPA has released guidance for Insolvency Practitioners (IPs), focusing on fair and transparent treatment of consumers in line with the Consumer Duty.
- The FCA issued questionnaires for lenders and debt buyers around Credit Information Market Study (CIMS), with a pre-Christmas response deadline of 20 December 2024.
- The FCA highlighted issues with unauthorised debt advice firms advertising online, specifically targeting vulnerable consumers.
- A Fair4All Finance study found a 16% increase in financially vulnerable individuals since 2022, with 20.3 million people now affected.
- Recent ECB research using body-worn cameras shows mostly fair treatment by bailiffs, though council tax collection practices remain a concern.
- FCA compliance costs continue to rise, impacting firms’ business resilience and potentially affecting competition and innovation in 2025.
- The ICO supports the Data Use and Access Bill, which will regulate consumer data protection and ensure regulatory transparency.
- Financial promotions quarterly data highlights unauthorised debt advice trends on platforms like TikTok, with increased focus from FCA on tackling misleading advertising.
- Credit-Connect Think Tank event is scheduled for 7 November 2024 in Manchester.
- IPA Conference on 28 November 2024 will cover insolvency practices and new regulatory compliance.
- Talk Money Week will include the release of the Debt Functional Standard V3 on 5 November 2024.
Access the full newsletter and all the summaries – here
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime
